s) In a study, it was estimated that the average annual expenditure on take-out was Php 75000 for Filipinos age 25 and above. Suppose this estimate is based on a sample of 65 respondents and that the sample standard deviation is Php 20,000. a. At 95% confidence, what is the standard error and margin of error? b. What is the 95% confidence interval for the population mean amount spent on take-aways?

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter10: Statistics
Section10.4: Distributions Of Data
Problem 19PFA
icon
Related questions
Question
s) In a study, it was estimated that the average annual expenditure on take-out was Php 75000 for Filipinos age 25 and
above. Suppose this estimate is based on a sample of 65 respondents and that the sample standard deviation is Php
20,000.
a. At 95% confidence, what is the standard error and margin of error?
b. What is the 95% confidence interval for the population mean amount spent on take-aways?
Transcribed Image Text:s) In a study, it was estimated that the average annual expenditure on take-out was Php 75000 for Filipinos age 25 and above. Suppose this estimate is based on a sample of 65 respondents and that the sample standard deviation is Php 20,000. a. At 95% confidence, what is the standard error and margin of error? b. What is the 95% confidence interval for the population mean amount spent on take-aways?
Expert Solution
steps

Step by step

Solved in 3 steps

Blurred answer
Knowledge Booster
Point Estimation, Limit Theorems, Approximations, and Bounds
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, statistics and related others by exploring similar questions and additional content below.
Recommended textbooks for you
Glencoe Algebra 1, Student Edition, 9780079039897…
Glencoe Algebra 1, Student Edition, 9780079039897…
Algebra
ISBN:
9780079039897
Author:
Carter
Publisher:
McGraw Hill